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These Support levels Could Resume XRP Price Recovery

XRP ripple

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Posted 11 hours ago

The XRP price showed a phenomenal rally in the third week of September when market participants were quite optimistic about the lawsuit between XRP and the SEC. As a result, the coin price rose to a four-month high of $0.5523. However, amid the recent sell-off in the crypto market due to the central bank’s interest rate hike, the coin’s price corrected significantly.

Key points from XRP price analysis:

  • The price of XRP has fallen for the third day in a row
  • The 20-day EMA is trying to stop the price from falling to the $0.423 support
  • Intraday trading volume in XRP is $2.85 billion, representing a gain of 8%.

XRP price chartSource- Trading view

After a sudden bull run, the XRP coin entered a correction phase to maintain its prices. Thus, the recent retracement dropped the price by 24% and hit the $0.4235 support. Additionally, this horizontal support is accompanied by a 50% Fibonacci retracement level and a 20-day slope, creating a strong area of ​​interest (AOI) for buyers.

Even if the XRP price does not sustain this level, buyers of the coin could gain another significant foothold at the $0.39 mark. Thus, the daily candlestick closing below the $0.0423 support extends the correction phase by another 6.8% and reaches the $0.39 support.

This support level is aligned with the 61.8% Fibonacci retracement level, and the 100-day EMA provides a strong demand area.

Thus, the aforementioned support has a strong chance of pushing prices higher and continuing the prevailing recovery. A post-correction should break the $0.4485 resistance, providing the first confirmation of a price recovery.

On the contrary, a break below the $0.39 support invalidates the bullish thesis and could drop the XRP price back to $0.36.

Technical indicator

It is not: the rising important EMAs (20, 50, 100 and 200) show some early signs of a trend reversal.

Index of relative strength: the steep dive in the daily relative strength index highlights that the excessive buying pressure has leveled off and the price should rise again if there is no unfavorable situation in the market sentiment.

  • Resistance levels: $0.448 and $0.52
  • Support levels: $0.423 and $0.36

For the last 5 years I have been working in journalism. I have been following Blockchain and cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech me at brian(at)coingape.com

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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